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  • Mike Cliggitt, CCIM, MAI

Lakeland, FL - 2015-2019 Medium to Large Office Transaction Summary (5,000 – 15,000 SF)

Updated: May 23

We have analyzed office sales data from the Lakeland market for 2015 through 2019. There were 65 medium to large offices which were reviewed and summarized. These office properties were 5,000 SF to 15,000 SF in size. The sales had a well dispersed distribution over the 5-year period, with the highest volume of office sales in this size segment occurring in the 2nd quarter of 2019. From the 3rd quarter of 2016 to the 1st quarter of 2018, transactions were limited and did not have more than 2 sales in any quarter of this period. The trend in average price per square foot from 2015-2019 varied throughout the year. Particularly we note a strong average price per square foot in the 1st quarter of 2015 and in the 4th quarter of 2017. Total transaction volume for this small office market segment totaled approximately $47 Million from 2015-2019. The average price per square foot for office transactions in 2015-2019 was $107.53/SF with an average building size of 8,431 SF. On a yearly basis the price per square foot analysis is as follows:

· 2015 – 9 Office Sales: Average Price per SF = $138.03

· 2016 – 13 Office Sales: Average Price per SF = $97.72

· 2017 – 6 Office Sales: Average Price per SF = $158.66

· 2018 – 23 Office Sales: Average Price per SF = $102.62

· 2019 – 14 Office Sales: Average Price per SF = $81.57

· 5 Year Totals – 65 Office Sales: Average Price per SF = $107.53


*Data and charts from CoStar





Thank you for your interest. For more information on the Lakeland Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, CCIM, MAI, MRICS

Commercial Realtor

813.810.1615 Direct Line

mike@cliggitt.com

Tampa Office Real Estate Advisor

www.cliggittrealty.com

www.cliggitt.com

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